September 10, 2018 / 12:30 PM / 2 months ago

Debenhams working on "longer term options", to meet full year expectations

LONDON, Sept 10 (Reuters) - Debenhams, the struggling British department store chain, said on Monday it was working on “longer term options” as it forecast profit for its full 2017-18 year within the current range of analysts’ expectations.

“The board continues to work with its advisers on longer term options, which include strengthening our balance sheet and reviewing non-core assets,” said Chairman Ian Cheshire.

Earlier on Monday shares in Debenhams hit a record low after it said it had it widened the remit of adviser KPMG to include examining future options for the group, including a possible Company Voluntary Arrangement (CVA), which would see more stores close.

The retailer said it expected to report a pre-exceptional pre-tax profit of around 33 million pounds, ($42.7 million), within the current market range of 31-36.5 million pounds, and year end net debt of about 320 million pounds. ($1 = 0.7727 pounds) (Reporting by James Davey; editing by Michael Holden)

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